7.Subject to subsection
(9), where a society has an unallocated surplus and the authorisation approved
pursuant to subsection (4) states that it is not to be paid out at the time of
the society’s dissolution, the unallocated surplus must be paid to one or more
trustees who are—

a.named
in the special resolution; or

b.where
not named in the special resolution, appointed by the Registrar.

1.

2.

3.

4.

5.

6.

7.

8.The trustees named or
appointed pursuant to subsection (7) shall—

a.deposit
the money in a special trust account—

i.in
a registered society; or

ii.a
bank registered under the Banking Act.

b.invest
the money in any manner authorised by law.

1.

2.

3.

4.

5.

6.

7.

8.

9.Where a trust is
created pursuant to subsection (7), the income and principal of the trust is
required to be expended within a period of 20 years from the date that the
trust was established for any co-operative purpose the Registrar considers fit.

10.In this section—

a.“interest”
means
the interest of a member in a society and includes member loans and obligations
of any kind that—

i.arise
by virtue of the by- the society; and

ii.are
owed by the society to the members;

b.“unallocated surplus”
includes
any net proceeds from the sale of assets on dissolution of the society after
the liabilities of the society and the claims of creditors and members have
been satisfied.